Aksys says Nasdaq considering delisting company's stock

By Ted A. Knutson

Washington, Nov. 18 - Aksys Ltd. said it received notice on Monday from Nasdaq that it is reviewing the company's eligibility for continued listing on the Nasdaq National Market because the company currently fails to maintain a required minimum $10 million of stockholders' equity.

In its letter Monday, Nasdaq also noted that if the price of the company's listed shares remains below $1.00 per share for a 30-day period, Aksys will fail to comply with the exchange's minimum bid requirement.

In addition, Nasdaq said Aksys does not meet the alternative requirements of Maintenance Standard 2, which relates to the market value of a listed security (and related assets and revenue tests), the market value of publicly held shares and the bid price.

Nasdaq has requested that on or before Nov. 30 that the company submit a plan to achieve and sustain compliance with all Nasdaq National Market listing requirements.

"We will be working closely with the Nasdaq to facilitate their review of the company's listing eligibility. We are also exploring a variety of options to address this situation," said Aksys president and CEO Bill Dow in a news release.

Aksys intends to submit to the Nasdaq a plan of compliance by the due date, the company said in an 8-K filing with the Securities and Exchange Commission.

Lincolnshire, Ill.-based Aksys, Ltd. produces hemodialysis products, providing services for patients suffering from kidney failure.

Shares of Aksys were up six cents, or 6.67%, to close at $0.96 Friday.

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